SC laid down legal framework for withdrawal and settlement of claims in CIRP while adjudging Byju’s matters

GLAS Trust Company LLC Vs BYJU Raveendran & Ors (Supreme Court of India) Conclusion: Supreme Court while adjudicating matters emphasized the need to follow the legal framework laid down by statutory provisions for the withdrawal of petitions and settlement of claims in a Corporate Insolvency Resolution Process (CIRP). The correct course of action for approval of the settlement and source of the funds for the settlement by the NCLAT would have been to stay the constitution of the CoC and direct the parties to follow the course of action in Section 12A read with Regulation 30A of the CIRP Re...